How many times have you been asked about competitive intelligence? Someone sincerely wants to know what you do and how you might be helpful so they ask the obvious.
“What exactly do you do?”
I have tried many answers to this question. Sometimes I have given them a definition of competitive intelligence. Maybe I say something like, “Well, I work on analyzing all of the factors of the competitive environment to discern patterns which help people make decisions.” Usually they just stare at me. If they are friends, they manage a wan smile and I imagine them silently wishing me luck. Potential clients are often lost after my accurate but ineffective definition.
Another tack is giving them technical information about competitive intelligence. “I help companies employ models, information searches and other techniques to leverage primary and secondary research findings for competitive advantage,” I proudly announce. (Even my friends don’t smile at this one.)
Some kind people have given me advice to shorten (even more) the description of competitive intelligence. “Just say that you help them,” one succinct friend offered. “How about saying that you ‘make success possible’?” proffered another (this seemed a little grandiose to me).
Frankly, nothing seemed to work if you define “work” as consistently making an emotional and factual connection with a prospective client. That is, nothing worked until an experienced, older consultant gave me the magic words that he had received some years before. His advice was simply to start each definition or explanation this way.
“You know what it is like when …”
For instance, when speaking to a product manager I might say,
“You know what it is like when you are championing a new product before management and they want to know what the competition is doing? I can help you assemble a complete map of the competitor products to show how your proposed product will succeed in the market.”
When speaking to a strategic marketing person I might say,
“You know what it is like when you have to convince others to implement the new strategy that you are advocating? I can help you clearly identify and explain the market forces which make the strategic decision critical to the company’s success.”
When speaking to a general manager or CEO I might say,
“You know what is like when you have market share and revenue goals that are difficult to meet? I can help you understand and explain the likely scenarios which will affect your profitability over the next 3-5 years.”
The dynamic changes when the first words out of my mouth are about them or their issues. Usually they snap to attention because they immediately seek to validate whether or not my statement applies. When I am careful, it always does apply because the challenges that people face are quite common to the function they perform.
The purpose of the next sentence is to explain the relevance of competitive intelligence to their problem. Avoiding anything that is academic or canned, I can give them an example of value which is important. This connects me to them.
Seven simple words help me get started better with people. They make competitive intelligence “click” because I have finally found an effective way to personalize the definition.
What works for you? Is there a common way that you respond to questions about competitive intelligence?
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Very useful article. We should have these quotes on the back of business cards.
Hi Tom,
Good point to start with the customer’s pain point, depending on what they do for a living: product manager, sales, etc.
I find that it’s more challenging to figure out a pain point at networking events where you’re introducing yourself to a table full of strangers and you have no idea what they do for a living. I try a universal pain point like, “Have you even been surprised by a competitor’s entry into your space or when they come out with a new product & you didn’t know about it?”
What do you do in those situations? You’re good!
Best,
Ellen Naylor
Ellen,
Thank you for the compliment.
Here is an idea that might work as you sat among the strangers at the table and it came your turn to explain what you do.
“You know what is it like when you are trying to make a good impression among people that you wished you knew more about? (smile and look around the table, pause for effect) Well, I help companies to have more confidence about their strategies by helping them get the competitive information that they didn’t know that they could have.”
Hope this helps. Maybe something else will occur to me later.
— Tom
Tom,
This is an excellent way to create a story in the mind of the listener, so that they can understand a situation in their own life from their own perspective. You then point out the pain and then offer your own insight. The real value then becomes not only the new insight and alternate way of solving a situation, but a new and real connection from you to them.
You really are good! Thank you!